By Habiba Anwar, Roderick Millar
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Extra resources for Islamic Finance: A Guide for International Business and Investment
The fee an issuer accepts from the merchant is allowed since it is a commission (samsara), either as a percentage of the loan amount or as a fixed fee. Partial loan repayment cards With this type of credit card the holder can pay a percentage of the due amount at the due date after the grace period. The issuer will add some percentage to the loan amount for giving this revolving capability. This type of card is haram (forbidden), since the issuer adds a percentage on the loan amount because of the delay in payment and this is a pure riba.
Full loan repayment cards With this type of credit card, the holder has to pay the entire amount due in full on the due date after the grace period. This type of card is also called a charge card. This type of card is halal, given two conditions are met: 1. The agreement between the issuer and the cardholder should not state 38 Islamic Finance in Practice that the cardholder pays any late fees where payment has not been made on time. This is considered riba because the loan amount will be increased at repayment; and 2.
The seller may enter into a contract with a manufacturer to provide the same goods, which is the subject matter of the first istisna’a contract; • In an istisna’a contract, before a manufacturer starts the work, any one of the parties may cancel the contract by giving a notice to the other; however, once the manufacturer has started the work, the contract cannot be cancelled unilaterally; • The al-mustasni (purchaser) has the right to obtain collateral from the al-saani for the amount paid and with regard to delivery of the goods with specifications and time; and • The contract may also contain a penalty clause on account of breach of the contract.